Unit 9 Report: Exploring Entrepreneurial Ventures and Impact

This report provides a comprehensive overview of entrepreneurial ventures, encompassing different types such as small enterprises, social enterprises, and large companies, along with their corresponding typologies including social ventures, lifestyle ventures, and growth firms. It examines the similarities and differences between various entrepreneurial ventures and assesses the impact of micro and small businesses on the economy, supported by relevant data and statistics. The report further analyzes the characteristics, skills, and traits of successful entrepreneurs, differentiating them from business managers and evaluating entrepreneurial personality aspects through the OCEAN model. It also explores how background and experience can either hinder or foster entrepreneurship, offering a detailed understanding of the entrepreneurial landscape and its significance.

UNIT 9

Table of Contents
Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Examine types of entrepreneurial ventures and how they relate to typologies......................1
P2 Explore similarities and differences between entrepreneurial ventures.................................4
TASK 2............................................................................................................................................5
P3 Interpret and assess relevant data and statistics that reflects impact of micro and small
business on economy...................................................................................................................5
P4 Explain importance of small businesses and start-up businesses to growth of social
economy......................................................................................................................................8
TASK 3............................................................................................................................................9
P5 Determine characteristics, skills and traits of successful entrepreneurs that differentiate
from other business manager......................................................................................................9
P6 Assess aspects of entrepreneurial personality reflect entrepreneurial motivation and
mindset......................................................................................................................................11
TASK 4..........................................................................................................................................11
P7 Examine relevant examples how background and experience can hinder and foster
entrepreneurship........................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship is refers to the ability and readiness to develop, organize and manage a
enterprise along with its uncertainties as to make maximum profit. Entrepreneur is an individual
who develops a business with the new and creative idea to satisfy the demand of the market ad
generates high amount of profit (Dees, 2017). Entrepreneurs pays a key role in economy while
using skills and necessary initiatives to carter the needs of consumers along with this, brings new
idea into the market. They generally seen as innovator and the sources of new ideas, goods,
services, processes and entity. It helps in providing in job opportunities to the local peoples
through which their living standard is to be enhanced. This report is consist of various types of
entrepreneurial ventures and typologies, similarities and difference between entrepreneurial
ventures. Moreover it includes impact of micro and small business on the economy . Further it
elucidates characteristics, traits and skills of an successful entrepreneur along with analysing
their personality by using OCEAN model. At last it demonstrate background and experience that
can hinder and foster entrepreneurs business.
TASK 1
P1 Examine types of entrepreneurial ventures and how they relate to typologies
Entrepreneurship defines as an practice of setting an organisation or an enterprise in
which a person take monetary risk for attaining revenues. It is an essential term for implementing
change by doing innovation to generate high profits and satisfying needs of customers (Goffee
and Scase, 2015). Entrepreneurial activity refers to a procedure within an organisation that
are associated with creating values by exploring new ideas for generating financial resources.
Implementing new ideas into reality helps in developing growth within competitive marketplace.
Enterprise defines as an entity where entrepreneurs are working to attaining profits. These
enterprises are considered as entrepreneurial ventures. It involves various kind of entrepreneurs
like owner-manager, serial entrepreneurs, entrepreneurs etc.
 Serial entrepreneurs are those entrepreneurs who mainly emphasised on inventing new
ideas and convert it into reality for satisfying customers requirements. This kind of
business are started on small level with innovation and after entrepreneur handed over
this business to large firm so that it will sustain in market for more time with more capital
and resources (Barringer, 2015). Whereas, owners- manager are those type of
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entrepreneur who handle small firm for executing change to attain growth and profits.
These type of entrepreneurs faces major risk and stress because of more burden to sustain
in competitive market.
Different types of entrepreneurial ventures
There are several other types of entrepreneurial ventures that are elaborated below:
 Small Enterprises- It refers to that entrepreneurial venture that are operated on small
scale by an individual person for fulfilling local people needs. It is based on small size
and scope because they provides offering at niche markets. Small enterprises are mainly
associated with sole trader and partnership firm. Purpose of this entrepreneurial venture
are mainly generating small profits by fulfilling local people needs and providing
employment opportunity to few people i.e. around 40-50 people. The net worth of these
firms is maximum €2 million. For example- CafePod Coffee co.
 Social Enterprise- It refers to that type of businesses who works for welfare and benefits
of community and their people. These types of ventures focus on executing new ideas
and benefits for developing society so that living standard of people is to be increased.
The main aim of this type of ventures are not generating profits but helps people of
community for their benefits (Bhachu, 2017). This entrepreneurial ventures having high
scope for local people so that they live their lives better. For example- cancer research,
National trust etc.
 Large Companies- It refers to a type of venture that operates on huge level because of
more resources, capital, scope etc. It offers products and services to huge base of
customers by satisfying their needs using innovation. The main motive of this type of
ventures is to gain high profits and growth in global competitive market. For instance-
Aston Martin, ASDA etc. are associated with private companies and BBC as public
sector.
Different typologies
There are several types of typologies that are linked with various entrepreneurial types. It
is associated with development of companies that reflects operations properly. Different types of
typologies are presented below:
 Social ventures- It define that typology in which entrepreneurs are focused on welfare of
society and their people. This type of ventures are not mainly emphasis on earning profits
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but providing benefits and opportunities to society people for their welfare. This
typologies includes social enterprises who ensures welfare of society rather than profits
earning.
 Lifestyle ventures- This type of entrepreneurial typology is associated with those
entrepreneurial ventures which includes developing lifestyle standard of people in which
they operate (Julien, 2018). In this living standard of people in increases because of
getting job opportunities and also got required goods and services at affordable price. In
this small entrepreneurial ventures are included as they offers employment opportunities
to local people that increases living standard within community.
 Growth firms- This entrepreneurial typology is associated with growth oriented
entrepreneurial ventures where they focus on attaining high profits and revenues. This
type of entrepreneurs mainly emphasis on creating new ideas for satisfying needs of
customers to maintain longer survival. In this large entrepreneurial ventures are included
who are working for earning profits within competitive marketplace.
The entrepreneurial ventures and typologies are interconnected with each other by
reflecting efforts related to improving lifestyle standard. It also provide growth benefits to
economy in which several entrepreneurial firms are run their operations.
Roles and characteristic of micro, small and medium sized organisation
Basis Micro organisation Small organisation Medium organisation
Roles Role of this type of
firm is to be offered
employment
opportunity and
generating profits
within local area.
Small organisation is
associated with a
purpose of providing
goods & services and
jobs to local area
people for developing
their living standard
(Barringer, 2015).
This play a role of
reducing poverty
within country by
providing job
opportunities to
number of applicants.
Characteristics In this less than 10
employees are
working as these firm
It includes 49
candidates maximum
who are working for
In this around 250
workers are included
having more resources
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have limited resources
and capital.
generating revenues. as compare to small
and micro business.
P2 Explore similarities and differences between entrepreneurial ventures
Difference between entrepreneurial ventures are presented below:
Basis Small business Large company Social
entrepreneurship
Scope The scope of these
organisation are very
narrow because of limited
resources and capital.
These type of enterprises
present wide scope as
they are working with
huge resources and
capital for satisfying
customers needs mainly
at global level.
These type of
enterprises scope is
to be measured by
analysing their funds
which they gathered
for offering benefits
and welfare of
people.
Purpose The major purpose is to
developed standard of
living of people by
earning profits and
revenues for their
individual livelihood.
Main objective is to earn
high revenues by
satisfying customers
needs within competitive
market place.
It main purpose is to
welfare of society for
increasing living
standard of people.
Attributes It includes limited
resources and capital. In
this government
interference is also low as
they promote small
business within country.
This type of companies
have huge financial,
human resources etc.
including high
involvement of
government parties
because they operates on
global level.
This type of
businesses having
more government
intervention because
they gathered money
from them to provide
benefits to society
and their people.
Similarities between entrepreneurial ventures
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Basis Small business Large business Social enterprise
Fulfilment of
requirements
These type of firms are
operated for satisfying
customers needs at
local level.
These kind of
enterprises are focus
on fulfilling
requirements of large
base of customers to
generate high profit
margin.
This type of busineses
are operated for
fulfilling social
benefits requirements
so that their living
standard is to be
enhanced.
Society upliftment These organisations
provide opportunities
to local people for
developing living
standards.
This organisations
helps in social
upliftment by offering
job opportunities to
people where they
reflects innovative
ideas. It enhances
growth of an
individual person.
This type of businesses
offers benefits to
society and their
people by developing
living standards
quality.
TASK 2
P3 Interpret and assess relevant data and statistics that reflects impact of micro and small
business on economy
Creativity and innovation
Creativity refers to a practice of inventing new ideas and thoughts to create something
unique as per market requirements (Yan and Yan, 2016). Creativity helps in developing a person
personality to become an entrepreneur. On the other hand innovation defines as implementation
of new ideas by producing goods and services to gain competitive advantage.
Main sources of generating business and entrepreneurial ideas
Business ideas are generated from several sources that are presented below:
 Customer survey- A business idea is to be generate when a person focus fulfilling
requirements of market. Survey customers and market is the best source to generate idea
for opening a business for this entrepreneurs includes interviews, surveys etc.
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 Interests- Interest is a primary source for generating a business idea because due to this
an individual get high level of success and sustain for more time period.
In what manner business protect intellectual property rights
To protect intellectual properly rights, business organisation focus on registered
copyrights, patent and trademark that helps in creating something new with security. It helps in
gaining competitive advantage. By using copyright, firm protect their tangible and intangible
work which are associated with nature of IP. In this patent is highly beneficial because it
protects company innovation related to products, equipments for maximum 20 years. This helps
in connecting customers within company in positive manner for longer time period. To protect
symbols, signs etc. enterprise use trademark IP.
Micro-business refers to that business enterprises which operate their operations at low
level by providing job opportunities not more than 0-10 people. For instance- small coffee shop,
salon etc (Urbano and Aparicio, 2019). In UK, these type of organisations are contributes more
on economy and satisfying demands of local area people.
Small business define to those who worked with 50 employees for generating profits and
sustainability. Turnover of this type of enterprises are around 1.5 million. Small businesses are
operated within local area on the basis of sole trader and partnership form. If only one person
operate business with limited capital and resources that it termed as sole proprietorship. When
there are two or more than people are included to run a business for attaining common goals than
it termed as partnership.
Brexit was taken place within UK because of this many European countries are exit from
European Union. This impact several large organisation production and operations in negative
manner because due to this rate of purchasing raw material are increased. In this time
government of UK focus on contributing in small and micro businesses that helps in growing
economy of country and also living standard of people. To examine impact of SME on UK
economy data and statistics are to be presented below:
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From this data companies with no employees are increased. In this upward slope of all
size of businesses are increased. Leaving European union in January 2019 provide clarity to
business to make investment confidently and in this government also supports that enhances
growth within UK.
Illustration 2: source: UK SME data and charts
By analysing above data, it is to be interpreted the contribution of SME on economy of
UK.
According to this 99.9% of businesses in UK are termed as SME.
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Illustration 1: Source: UK SME Data, Stats & Charts

0.6% are associated with medium sized businesses
not more than 4% are included in small business and more than 95% are associated with micro
business (UK SME Data, Stats & Charts, 2020).
Impact of SME on UK Economy
 Impact on local level- SME directly impact on local level economy because they offers
goods and services to local area people for satisfy their requirements. These enterprises
are operated for fulfilling market needs and requirements. SME provide job opportunities
to local area people that helps in developing their standard of living which helps in
development of local economy.
 Impact on Regional level- Micro and small enterprises impacted regional level economy
in positive manner by providing employment to number of people. This helps in reducing
poverty within particular region (Yan and Yan, 2016). It also developed operations of
business that helps in earning profits and enhances infrastructure on regional level.
 Impact on national level- small and micro businesses are impact national level economy
because these type of businesses are run on small level that includes limited resources
and capital. Due to these businesses innovation is developed within country that impact
positively on national economy because new ideas help in attracting profits and revenues.
P4 Explain importance of small businesses and start-up businesses to growth of social economy
Economy of a country grow high because of major contribution of small and start up
companies. As these businesses are generate more employment opportunities which impacted
positively on GDP of UK. Due to this UK government highly supports these organisations by
fulfilling their monetary needs and offering relaxation in registration aspects. It includes several
importance that impact on social economy of country are presented below:
Social economy reflect to an economy which is associated with several type of business
entities like mutuals, social companies, associations etc. In this businesses follow proper ethics,
culture, values that helps in supporting business to attracts customers for buying products and
services.
Start-up businesses defines to that businesses where individual person emphasis on
creating new ideas and implement it for fulfilling demands of markets. It is highly essential for
entrepreneur to attain financial and sustainability targets.
Importance of small businesses and start-up businesses to growth of social economy
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 Employment opportunity- Small business and start-up firm are operated for providing
employment opportunities that helps in enhancing living standard of people (Dana,
2018). It also helps in supporting local people by offering goods and services at
affordable price. By offering job opportunity to people innovative ideas are to be
reflected which helps in gaining competitive market and also present significant results to
nation.
 Economic growth- Small and start up firms generate more profits and revenues by
offering quality products and services at affordable price to customers. This helps in
paying tax to government that enhances financial health of UK country. This helps in
motivating entrepreneurs to generate high revenues which leads to maximizing economy
growth of nation.
 Enhances living standard- Start-up and small businesses contributes more on enhancing
living standard of people by offering job opportunities and providing quality products and
services that fulfills their needs and requirements. Offering opportunity related to earn
income developing living standard and it directly impact on their positive living standard.
From above analysis it is reflected that small and start-up companies provides innovative
ideas and sources of generating income to people of society that helps in developing standard of
living. This impact positively on economy of country.
TASK 3
P5 Determine characteristics, skills and traits of successful entrepreneurs that differentiate from
other business manager
There are several entrepreneurs within UK having an effective skills, traits and
characteristics which are useful to gain success. It includes two entrepreneurs who attain targets
within their professional career. Two entrepreneurs i.e. Elizabeth Gooch and Tom Mercer skills,
traits and characteristics are presented below:
Characteristics
 Passion- It represents as a special feature of an entrepreneurs through which an
entrepreneur continue their work without getting bored. This characteristic is reflected on
both the entrepreneurs I,e. Tom mercer and Elizabeth Gooch as they both work with
passion for attaining regular targets. Their passionate features helps in achieving
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objectives properly. In this business manager are different from an entrepreneurs because
manager looses their patience while involving in task as they are not working
passionately as compare with entrepreneur.
 Self belief and hard work- It is an another characteristic that is reflected in both the
entrepreneurs i.e. Elizabeth Gooch and Tom Mercer. It is because, both the entrepreneurs
are carry their work with self confidence due to which proper decisions are to be taken
that helps in success of their business. In this business manager are different from
entrepreneurs because they are the employees of company who follow entrepreneurs
orders. They are not working with self confidence.
Traits
 Confident- It is a trait which is present in both the entrepreneurs. It is highly useful to
take decisions properly that helps in success of enterprise. Both Tom Mercer and
Elizabeth Gooch are confident in nature that helps in communicating their innovation
with investors so that high success is to be faced by the organisations. It is differentiate
from business manager because they are not confident in taking decisions and
communicating well as they are employees of an organisation.
 Disciplined- This trait is reflected in both the entrepreneurs that is Elizabeth Gooch and
Tom mercer for their success of their personal and professional life. In this business
manager is differ from an entrepreneur as they are employees of company who only
follow orders of entrepreneurs to attain targets.
Skills
 Innovative- It is an essential skill that is reflected in both the entrepreneurs i.e. Elizabeth
Gooch and Tom Mercer who are working with new ideas and thoughts. This skill is
highly fruitful for both the businesses by setting their working and achieving the targets
properly. In this business manager are differ from an entrepreneurs because they do not
present their innovative ideas as they are employees of company.
 Leadership- It refers to that skill in which a person influence other person to attain
objectives. Both entrepreneurs i.e. Elizabeth Gooch and Tom Mercer have effective
leadership quality which helps in motivating people towards attaining the targets. In this
business manager are differ from entrepreneurs because they follow guidelines of
entrepreneurs and manager only lead their subordinates not whole organisation.
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